Chipotle Mexican Grill (NYSE: CMG) reported third-quarter revenue of $2.2 billion showing a 14% increase from a year ago.
Officials cited new restaurant openings and rising restaurant sales as driving factors in the revenue growth, which met the analysts’ average estimate of $2.23 billion.
The Newport Beach-based restaurant chain added 43 new restaurants during the third quarter and reported a 22% increase for in-restaurant sales.
“Our performance in the third quarter confirms our brand and value proposition remain strong, even during a challenging economic environment,” Chief Executive Brian Niccol said in a statement.
Chipotle also anticipates opening between 255 to 285 new restaurants next year as part of its 2023 outlook. Wedbush analysts noted that the “cadence of openings [are] becoming an even more important metric” due to this guidance.
With a market cap of $44 billion, Chipotle shares rose 4% to about $1,653 during afterhours trading.